The "Economic Stimulus" Plan is providing to first time home buyers an actual tax "credit"...no need to pay back the federal government (not a "loan")...of $8-0-0-0.
(yes, eight thousand).
Some details (See www.irs.gov for complete information):
Purchase a "principal" residence (home you occupy, not an investment property) during the period: January 1, 2009- December 1, 2009.
The amount of credit is based on the home purchase price, and is 10-per cent of the purchase price. The maximum credit is $8000.
Since this is a tax credit, you will receive your credit by filing your federal tax return---tax year 2008 or tax year 2009.
If you meet these requirements, don't hesitate in saving some money.
Need help in finding your "first" home?
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